L3Harris Technologies, Inc. (LHX) 2026 Q3 法說會逐字稿

Greetings. Welcome to the L3Harris Technologies third quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位好。歡迎參加 L3Harris Technologies 2026 年第三季財報電話會議。(接線員指示) 提醒各位，本通話將被錄音。

It is now my pleasure to introduce your host, John Sweeney, Vice President, Investor Relations. Thank you. John, you may now begin.

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 John Sweeney。謝謝。John，您現在可以開始。

Thank you, Hilary, and good morning, everyone. Joining me today are our Chief Executive Officer, Sam Mehta; and Chief Financial Officer, Ken Sharp. This morning, we published our third quarter earnings release detailing our financial results and updated 2026 guidance and provided a supplemental earnings presentation on our website.

謝謝你，Hilary，各位早安。今天與我一同出席的有我們的執行長 Sam Mehta，以及財務長 Ken Sharp。今天早上，我們發布了第三季財報新聞稿，詳述財務結果並更新 2026 年財測指引，同時也在官網提供補充的財報簡報。

Before we begin, please note that our discussion will include forward-looking statements subject to risks, assumptions and uncertainties that could cause actual results to differ materially. We will discuss GAAP results alongside non-GAAP financial measures of organic revenue, segment operating income and free cash flow, which are reconciled to GAAP measures in the earnings release.

在開始之前，請注意我們的討論將包含前瞻性陳述，並受風險、假設與不確定性影響，可能導致實際結果與所述內容有重大差異。我們將在討論 GAAP 結果的同時，亦使用非 GAAP 財務衡量指標，包括有機營收、部門營業利益與自由現金流；其與 GAAP 指標之調節已載於財報新聞稿中。

For more information, please refer to our earnings release and SEC filings. With that, let me turn it over to Sam. Sam?

如需更多資訊，請參閱我們的財報新聞稿與向 SEC 提交的文件。接下來我把時間交給 Sam。Sam？

Thank you, John, and good afternoon, everyone. I've had the privilege of spending the vast majority of my career in an industry devoted to supporting and protecting those who protect us. My passion is helping to innovate and deliver critical capability to our nation, partners and allies.

謝謝你，John，各位午安。我很榮幸在職涯的大部分時間都投入於一個致力於支援並保護那些守護我們的人之產業。我的熱情在於協助創新並交付關鍵能力給我們的國家、合作夥伴與盟友。

I'm particularly excited to lead this team of over 43,000 talented and committed employees who share that same passion for delivering the outstanding results that we'll discuss today. These results not only affirm the strong execution of our strategy, but more importantly, form the foundation of an extremely exciting future.

我尤其期待帶領這支由超過 43,000 名才華洋溢且投入的員工所組成的團隊，他們同樣懷抱著交付卓越成果的熱情，而我們今天將討論這些成果。這些成果不僅印證我們策略的強勁執行力，更重要的是，奠定了一個極其令人振奮的未來基礎。

We grew organic revenues by 9% despite having one fewer week as compared to the third quarter of 2025. We grew EPS to $3.28, which is up 33% year over year. We generated $1.3 billion of free cash flow in the quarter, up 195% and achieved a book-to-bill of 3.2, which translated to a historic backlog of $53 billion.

儘管相較 2025 年第三季少了一週，我們的有機營收仍成長 9%。我們將每股盈餘（EPS）提升至 3.28 美元，年增 33%。本季我們創造 13 億美元自由現金流，成長 195%，並達成 3.2 的接單出貨比（book-to-bill），使積壓訂單（backlog）創下 530 億美元的歷史新高。

That backlog is highly aligned to four strong growth vectors: missiles and missile products, space, resilient communications and electronic warfare and multi-domain sensing. Our capability sets in these categories form the foundation from which we will continue to invest and grow.

這些積壓訂單高度對準四個強勁的成長向量：飛彈與飛彈產品、太空、韌性通訊與電子戰，以及多域感測。我們在這些類別的能力組合，構成我們持續投資與成長的基礎。

This backlog also underscores the customers' confidence in our ability to deliver innovation, efficiency and quality and will generate sustainable profitable growth, which is the backbone of our financial performance. In light of this and continued strength of customer relationships, my top priority is to focus on the improved delivery and execution in every aspect of the business.

這些積壓訂單也凸顯客戶對我們交付創新、效率與品質能力的信心，並將帶來可持續的獲利成長，而這正是我們財務表現的骨幹。鑑於此以及客戶關係持續強勁，我的首要任務是聚焦於在業務各個面向提升交付與執行。

We continue to improve our operational efficiency, which is delivering bottom line benefit to the company through traditional methods of continuous improvement. These efforts are now embedded in our DNA and culture, but we will supplement and accelerate productivity and efficiency gains by embracing new techniques and technologies.

我們持續提升營運效率，透過傳統的持續改善方法為公司帶來獲利端的效益。這些努力如今已深植於我們的 DNA 與文化之中，但我們也將透過採用新技術與新科技，補強並加速生產力與效率的提升。

For instance, we are harnessing the power of automation and artificial intelligence to accelerate delivery of PAC-3 solid rocket motors to customers, in some cases, reducing the amount of traditional manual quality inspections from 21 hours to 6.5 hours per motor.

例如，我們正運用自動化與人工智慧的力量，加速向客戶交付 PAC-3 固體火箭馬達；在某些情況下，將傳統人工品質檢驗時間從每具馬達 21 小時降至 6.5 小時。

This is but one of countless examples that have enabled us to double our PAC-3 solid rocket motor delivery from last year to this year and will allow us to double again in 2027. We have partnered with companies like Palantir to drive similar efficiency gains in tactical radios, night vision goggles and WESCAM turrets, just to name a few examples.

這只是眾多案例之一，使我們得以將 PAC-3 固體火箭馬達的交付量從去年到今年翻倍，並將在 2027 年再翻倍。我們與 Palantir 等公司合作，在戰術無線電、夜視鏡與 WESCAM 砲塔等領域推動類似的效率提升，僅舉幾例。

In the past few years, we have acquired and developed new products and capabilities in several areas and have also trimmed the portfolio of businesses and product lines that we don't see as integral to our future. The results of that activity are four growth vectors, in which we will continue to invest heavily, whether it's capital, innovation or additional capability.

過去幾年，我們在多個領域收購並開發新產品與新能力，同時也精簡了我們認為不屬於未來核心的業務與產品線組合。這些活動的成果形成四個成長向量，我們將持續加大投資，無論是資本、創新或額外能力。

I'll start with missiles and missile products. The third quarter represents a watershed moment in our Missile Solutions business. We booked $11 billion of contractual backlog, representing years of future deliveries, validating the investments we made, and we continue to make to fuel the growth of this business.

我先從飛彈與飛彈產品談起。第三季對我們的飛彈解決方案業務而言是一個分水嶺時刻。我們新增 110 億美元的合約積壓訂單，代表未來多年交付量，驗證了我們為推動此業務成長所做、並持續在做的投資。

Those orders relate to two critical programs, PAC-3 and THAAD, where we partnered very closely with the Department of War and prime contract customers to improve delivery and quality while not sacrificing the safety of our employees. From 2023 to 2026, we are increasing deliveries by more than 100%.

這些訂單與兩項關鍵計畫相關：PAC-3 與 THAAD。我們與戰爭部（Department of War）以及主承包商客戶密切合作，在不犧牲員工安全的前提下提升交付與品質。從 2023 年到 2026 年，我們將交付量提高超過 100%。

The good news with these and other critical Department of War solid rocket motor programs is that we're just getting started. For instance, we plan to triple our THAAD solid rocket motor deliveries in 2027 as compared to 2026, and we'll do the same on numerous additional programs. Importantly, these contract awards and improved deliveries validate the investments in people, process, facilities and supply chain that we've made and committed to make in support of an important national security priority.

關於這些以及其他戰爭部關鍵固體火箭馬達計畫的好消息是：我們才剛開始。例如，相較 2026 年，我們計畫在 2027 年將 THAAD 固體火箭馬達交付量提高至三倍，且我們也將在多個其他計畫上採取同樣作法。重要的是，這些合約授予與交付改善，驗證了我們在人才、流程、設施與供應鏈方面所做並承諾持續投入的投資，以支持一項重要的國家安全優先事項。

I would note that the estimated dollar values of these contracts do not include or take into account economic price escalation or the strong demand from international partners and allies, which is to say we expect there will be upside to these values that we have highlighted. L3Harris is investing in capacity expansion to provide unmatched speed and scale for the Sentinel Intercontinental Ballistic Missile program.

我想指出，這些合約的估計金額並未包含或考量經濟因素造成的價格調升（economic price escalation），也未納入來自國際合作夥伴與盟友的強勁需求；也就是說，我們預期這些我們所強調的金額仍有上行空間。L3Harris 正投資擴充產能，為「哨兵」（Sentinel）洲際彈道飛彈計畫提供無與倫比的速度與規模。

The post-boost system is a propulsion system during exoatmospheric flight. This system has already undergone major milestones, including a hot fire test in 2025. The Stage 3 motor has achieved several milestones on the march to flight testing, including a hot fire test early in 2024.

後助推系統（post-boost system）是在大氣層外飛行期間使用的推進系統。該系統已完成多項重大里程碑，包括於 2025 年進行的熱試車（hot fire test）。第 3 級馬達（Stage 3 motor）在邁向飛行測試的過程中也達成多項里程碑，包括於 2024 年初進行的熱試車。

L3Harris has made substantial investments in capacity expansion to accelerate Sentinel production, including ongoing construction of the Arkansas Advanced Propulsion Facilities, which is expected to increase large solid rocket motor manufacturing capacity sixfold. The campus will include more than 20 buildings across 110 acres.

L3Harris 已在產能擴充方面進行大量投資，以加速 Sentinel 的生產，包括持續興建中的阿肯色州先進推進設施（Arkansas Advanced Propulsion Facilities），預期將使大型固體火箭馬達製造產能提升至 6 倍。該園區將在 110 英畝土地上包含超過 20 棟建築。

Space is the second growth driver and represents a priority capability for our customers. Whether we are delivering capability as a satellite prime contractor to the Department of War or as a differentiated provider of payloads to other primes, we are becoming an indispensable player and partner in this growing domain. We are now capitalizing on our previous commitments of nearly $250 million in facility and capacity expansion to capture and deliver important programs like our recently won $955 million AMDT3 award.

太空是第二個成長驅動因素，並代表客戶的優先能力需求。無論我們是以衛星主承包商身分向戰爭部交付能力，或是以具差異化的酬載供應商身分提供給其他主承包商，我們正成為這個成長領域中不可或缺的參與者與合作夥伴。我們目前正把握先前近 2.5 億美元的設施與產能擴充承諾所帶來的成果，以爭取並交付重要計畫，例如我們近期贏得的 9.55 億美元 AMDT3 合約。

That win continues to position us as the only company that has been awarded prime contracts across all five space and missile warning, missile defense tranches, a clear sign of customers' confidence in our ability to deliver in support of national critical homeland defense. In addition to our investments in capability and capacity, we also plan to add to our technical prowess in space by investing roughly $175 million over the three years in research and development to position us for continued success and growth.

這項勝利持續鞏固我們作為唯一一家在太空與飛彈預警、飛彈防禦五個分層（tranches）皆獲得主承包合約的公司之地位，清楚顯示客戶對我們交付能力、以支援國家關鍵本土防禦的信心。除了在能力與產能方面的投資外，我們也計畫透過在三年內投入約 1.75 億美元研發，強化我們在太空領域的技術實力，以確保持續成功與成長。

Moving on to resilient communications and electronic warfare, where we have established a proud and historic legacy of investment, innovation and market leadership. Recent conflicts in Ukraine and the Middle East highlight the importance of continuous innovation in this area.

接下來談到韌性通訊與電子戰領域，我們在此建立了引以為傲且歷史悠久的投資、創新與市場領導地位。近期烏克蘭與中東的衝突凸顯了在此領域持續創新的重要性。

If the war fighter can't communicate, they can fight, but they can't win. A key win in this quarter was the $876 million Next-Gen Jammer Low Band contract, which allows our pilots to safely navigate highly contested environments. To date, we have been awarded nearly $1.5 billion in support of this program.

如果作戰人員無法通訊，他們可以作戰，但無法取勝。本季的一項關鍵勝利是 8.76 億美元的「下一代干擾機低頻段（Next-Gen Jammer Low Band）」合約，讓我們的飛行員能在高度對抗的環境中安全航行。截至目前，我們已獲得近 15 億美元用於支持此計畫。

While these cost-type contracts typically generate single-digit returns during development, they can drive years of sustained production and improved margins once development is complete. We continue to see strong demand for our VAMPIRE counter unmanned systems with orders from the Department of War and international customers exceeding $500 million in the quarter.

雖然這類成本型合約在研發階段通常僅帶來個位數報酬，但一旦研發完成，便可帶動多年持續量產並改善利潤率。我們持續看到市場對 VAMPIRE 反無人系統的強勁需求，本季來自戰爭部（Department of War）與國際客戶的訂單合計超過 5 億美元。

With significant inbound interest across domestic and international markets, we are well positioned to accelerate the business and grow our approximately $1 billion pipeline. VAMPIRE is a proven vehicle-agnostic solution that provides advanced reconnaissance and precision strike capabilities against drones with more than 350,000 operational hours since 2023.

在國內與國際市場皆有大量主動洽詢的情況下，我們已具備加速業務並擴大約 10 億美元商機管線的有利位置。VAMPIRE 是經驗證、與載具無關的解決方案，自 2023 年以來累計超過 35 萬小時的作業時數，能提供先進偵察與對無人機的精準打擊能力。

As global attention remains focused on the proliferation of drones, VAMPIRE is increasingly important in providing the critical last mile of defense needed to protect war fighters at the tactical edge. No discussion of our capabilities would be complete without mentioning continued innovation and demand for our tactical software-defined radios.

在全球持續關注無人機擴散之際，VAMPIRE 在提供關鍵的「最後一哩」防禦方面愈發重要，可保護位於戰術前沿的作戰人員。若不提及我們戰術軟體定義無線電持續的創新與需求，就無法完整討論我們的能力。

Our commercial business model of assessing market demand, funding innovation and selling on a commercial basis accelerates delivery of capability to customers. This year, we will deliver more tactical radios to NATO partners, allied and international customers and to the Department of War, which reflects strong international demand.

我們的商業化營運模式——評估市場需求、投入資金推動創新，並以商業方式銷售——可加速將能力交付給客戶。今年，我們將向北約夥伴、盟國與國際客戶，以及戰爭部交付更多戰術無線電，反映出強勁的國際需求。

Having said that, we continue to win domestically, for instance, capturing more than $315 million of awards this year for Army modernization in conjunction with next-generation command and control program. The fourth growth vector of our portfolio is multi-domain sensing, where we provide critical information, situational awareness and decision-making advantage to war fighters, ranging from the tactical edge to high levels of command.

話雖如此，我們在國內也持續獲勝，例如今年在與下一代指揮與控制計畫配套的陸軍現代化方面，已取得超過 3.15 億美元的得標金額。我們產品組合的第四個成長向量是多域感測，我們為作戰人員提供關鍵資訊、態勢感知與決策優勢，涵蓋從戰術前沿到高層指揮各層級。

Our capability ranges from individual sensors to complete mission solutions from the farthest reaches of space to the deepest depth of the ocean. An exciting example is the recent launch of the Nancy Grace Roman Space Telescope. We partnered with NASA's Goddard Space Flight Center to provide key components of the telescope, including the optical telescope assembly, which serves as Roman's eye and radiation hardened electronics that keep the telescope operating approximately 1 million miles from Earth.

我們的能力範圍從單一感測器到完整任務解決方案，涵蓋從太空最遠端到深海最深處。一個令人振奮的例子是近期南希・葛蕾絲・羅曼太空望遠鏡（Nancy Grace Roman Space Telescope）的發射。我們與 NASA 戈達德太空飛行中心合作，提供望遠鏡的關鍵組件，包括作為羅曼之眼的光學望遠鏡組件，以及可在距地球約 100 萬英里處維持望遠鏡運作的抗輻射加固電子設備。

Importantly, we continue to build momentum in missionized business jets, securing $323 million in contract awards in the third quarter and increasing our year-to-date total to nearly $1.5 billion. This includes an additional two aircraft under the US Air Force's Compass Call program, bringing the total to 12 of the 22 aircraft requested.

重要的是，我們在任務化商務噴射機方面持續累積動能，第三季取得 3.23 億美元合約獎項，並將年初至今總額提高至接近 15 億美元。其中包括美國空軍「羅盤呼叫（Compass Call）」計畫新增兩架飛機，使總數達到所要求 22 架中的 12 架。

We continue to be a leader in missionized business jets, which allow our customers a more flexible, cost-effective manner to sense and collect information versus expensive bespoke single mission dedicated platforms. Slide 5 shows our investment priorities, which are highly aligned to our strategy.

我們持續在任務化商務噴射機領域保持領先，讓客戶能以更具彈性、成本效益的方式進行感測與資訊蒐集，相較於昂貴、量身打造且單一任務專用的平台更具優勢。投影片 5 顯示我們的投資優先順序，與我們的策略高度一致。

For the foreseeable future, the most compelling investment opportunity I see is investing in L3Harris. That includes investing to further develop our capabilities in the strategic growth vectors I outlined, expanding capacity to meet growing domestic and international demand.

在可預見的未來，我所看到最具吸引力的投資機會，就是投資 L3Harris。這包括投資以進一步發展我所概述的策略性成長向量能力，並擴充產能以滿足日益成長的國內與國際需求。

To be clear, we believe we have the appropriate organizational structure in place to support our growth and execution. As a result, we do not intend to significantly change the way we are organized for the foreseeable future. Moving on to slide 6.

明確地說，我們相信已具備適當的組織架構，以支持我們的成長與執行。因此，在可預見的未來，我們不打算大幅改變目前的組織方式。接下來看投影片 6。

Here is how we are positioning our company for sustainable long-term financial success. We are leveraging our strong and growing backlog and differentiating capability while continuing our investment in innovation and capacity. We will increase focus on programmatic and operational execution.

以下是我們如何定位公司，以實現可持續的長期財務成功。我們將運用強勁且持續成長的在手訂單（backlog）與差異化能力，同時持續投資於創新與產能。我們將更加聚焦於專案與營運執行。

In the third quarter, we produced positive EACs across three segments and improved delivery performance with laser-like focus on details. Of course, we will continue to lean forward where the return for our shareholders and customers is justified, but use enhanced tools and strategies to identify and mitigate risk at the earliest possible opportunity.

第三季，我們在三個事業部門皆產生正向 EAC（完工估算）表現，並以雷射般聚焦細節的方式改善交付績效。當然，只要對股東與客戶的回報具合理性，我們仍會持續積極投入，但也會運用強化的工具與策略，在最早可能的時點識別並降低風險。

We will leverage our strong free cash flow to invest in innovation, capacity and capability where it drives differentiation and outsized competitive advantage, whether that manifests in improved margins or accelerated top line growth.

我們將運用強勁的自由現金流，投資於能帶來差異化與超額競爭優勢的創新、產能與能力，不論其最終體現在利潤率提升或營收加速成長。

We will be relentless in our pursuit of productivity and efficiency gains as a means to accelerate delivery, sustain strong margins and remain a competitive partner to our customers. We have and will continue to embrace artificial intelligence, automation and emerging technologies to capture these gains. And we will leverage our financial strength for continued flexibility, whether that is consistent dividend, targeted share buybacks or strategic portfolio shaping.

我們將以不懈的態度追求生產力與效率提升，以加速交付、維持強勁利潤率，並持續成為客戶具競爭力的合作夥伴。我們已經並將持續擁抱人工智慧、自動化與新興技術，以取得這些成效。此外，我們將運用財務實力以維持持續的彈性，無論是穩定配息、針對性的庫藏股回購，或策略性的投資組合調整。

I will now turn the call over to Ken, who will discuss the financials.

接下來我將把電話會議交給 Ken，由他說明財務表現。

Thank you, Sam. While this is our first earnings call together, it has been great working with you as you've driven the business forward with a pragmatic approach, sustaining our strong momentum and bringing an increased focus to our operations.

謝謝你，Sam。雖然這是我們第一次一起進行法說會，但與你合作非常愉快；你以務實的方法推動業務向前，維持我們強勁的動能，並讓營運面獲得更高的關注。

Sam, John and I appreciate the investor and analyst feedback that shaped this quarter's earnings materials. These changes are intended to improve ease of use and connect our financial results to operational execution. Turning to our third quarter, where our strong execution delivered solid financial results.

Sam、John 和我都很感謝投資人與分析師的回饋，這些回饋形塑了本季的法說資料。這些變更旨在提升使用便利性，並將我們的財務結果與營運執行連結起來。接著看第三季，我們的強勁執行帶來穩健的財務成果。

Orders were $19.3 billion, yielding a book-to-bill of 3.2 times. Backlog increased 27% to $53.2 billion and was up 47% year over year. The two largest awards were PAC-3 and THAAD totaling $11 billion, consistent with our volume and pricing expectations. Revenue totaled $6.1 billion, up $401 million or 7% year over year. Organic revenue grew 9% despite one fewer week.

訂單金額為 193 億美元，訂單出貨比（book-to-bill）為 3.2 倍。在手訂單（backlog）增加 27% 至 532 億美元，年增 47%。兩項最大得標為 PAC-3 與 THAAD，合計 110 億美元，符合我們對量與價格的預期。營收合計 61 億美元，年增 4.01 億美元或 7%。儘管少了一週，有機營收仍成長 9%。

As previously discussed, an extra week contributes about $200 million, implying double-digit organic growth, excluding the extra week in the prior year quarter. International growth continues to be strong as allies ramp investments in national defense.

如先前所述，多出的一週約貢獻 2 億美元，這意味著若排除前一年同期多出的一週，有機成長將達到雙位數。隨著盟國加大國防投資，國際成長仍然強勁。

International revenue grew 18% and as a percentage of our total revenue was 24%, increasing in the last year or so by about 300 basis points. Segment margin was 15.9%, consistent with prior year. Segment margin benefited from strong disciplined execution with positive EAC performance across all three segments.

國際營收成長 18%，占總營收比重為 24%，在過去一年左右提高約 300 個基點。事業部門利潤率為 15.9%，與去年同期一致。事業部門利潤率受惠於強而有紀律的執行，三個事業部門皆呈現正向 EAC 表現。

Operating income of $786 million increased $165 million or 27% versus prior year. Operating income margin increased 200 basis points to 13% due to higher revenues and lower corporate costs.

營業利益為 7.86 億美元，較去年同期增加 1.65 億美元或 27%。由於營收提高與公司層級成本降低，營業利益率提升 200 個基點至 13%。

GAAP diluted earnings per share for the quarter was $3.28, up 33%. The $0.82 year-over-year improvement is due to higher revenue volume, $0.28; higher operating income margins, $0.51; lower interest expense, $0.17. This was partially offset by preferred stock dividends of $0.10.

本季 GAAP 稀釋後每股盈餘為 3.28 美元，年增 33%。年增 0.82 美元主要來自：營收量增加 0.28 美元；營業利益率提高 0.51 美元；利息費用降低 0.17 美元。部分被特別股股利 0.10 美元所抵銷。

We also had investment gains offset by the Department of War preferred stock mark-to-market adjustment. Operating cash flow was $1.4 billion, up from $546 million in the prior year quarter.

我們也有投資收益，但被國防部優先股按市價計量（mark-to-market）調整所抵銷。營運現金流為14億美元，高於去年同期季度的5.46億美元。

Capital expenditures were $179 million or 3% of revenue, which is historically elevated as we continue to invest to build out our missile capacity. Free cash flow was $1.3 billion, up nearly 200%. Year to date, free cash flow is $1.8 billion with clear momentum to achieve our full year guidance.

資本支出為1.79億美元，約占營收的3%；由於我們持續投資擴建飛彈產能，該水準在歷史上屬於偏高。自由現金流為13億美元，成長近200%。年初至今，自由現金流為18億美元，動能明確，有望達成全年指引。

Research and development costs were $143 million or 2.4% of revenue and helped drive our strong awards and organic growth. We believe maintaining R&D spend at current levels positions us well for the future. Moving to slide 9. Let me provide some color on our Space & Mission Systems segment performance. Revenues grew 10% to $3.1 billion.

研發費用為1.43億美元，約占營收的2.4%，並有助於推動我們強勁的得標與內生成長。我們認為將研發支出維持在目前水準，能讓我們在未來保持良好布局。接著看第9頁投影片。我補充一些關於我們太空與任務系統（Space & Mission Systems）事業部表現的說明。營收成長10%至31億美元。

Revenue increased due to higher volumes in space, missile warning, missile tracking satellite programs, ISR aircraft, air traffic control modernization and F-35 control systems. Space & Mission Systems segment operating margin was 10.9%, up 20 basis points from prior year. The margin expansion primarily reflects higher volumes and improved program execution.

營收增加主要來自太空、飛彈預警、飛彈追蹤衛星計畫、ISR偵察機、空中交通管制現代化，以及F-35控制系統等業務量提升。太空與任務系統事業部營業利益率為10.9%，較去年同期提高20個基點。利潤率擴張主要反映更高的出貨量與更佳的專案執行。

Turning to Communications & Spectrum Dominance, which delivered revenue of $2 billion, up 3% year over year, driven by increased international volumes for our software-defined resilient communication radios and program ramp for our VAMPIRE counter-UAS systems, partially offset by lower volume in our Spectrum Superiority business. As we recently discussed at the Jefferies Conference, we experienced supply disruption for a small handful of components, which reduced our third quarter revenue growth.

接著看通訊與頻譜優勢（Communications & Spectrum Dominance）事業部，營收為20億美元，年增3%；成長動能來自我們軟體定義、具韌性的通訊無線電在國際市場的出貨量增加，以及VAMPIRE反無人機（counter-UAS）系統專案爬坡，但部分被頻譜優勢（Spectrum Superiority）業務出貨量下滑所抵銷。如同我們近期在Jefferies會議所提到的，我們在少數幾項零組件上遭遇供應中斷，導致第三季營收成長受抑。

We were able to sort much of the supplier challenges by the end of the quarter and expect stronger fourth quarter revenue growth. Communications & Spectrum Dominance operating margin was 25.2%, up 50 basis points on favorable program performance and mix.

我們在季末前已解決多數供應商挑戰，並預期第四季營收成長將更為強勁。通訊與頻譜優勢事業部營業利益率為25.2%，在有利的專案表現與產品組合帶動下，提高50個基點。

Missile Solutions revenue increased 5% year over year. Organic revenue, excluding the divestiture of the commercial space propulsion business, increased 17%, primarily driven by increased volumes on key missile programs. Missile Solutions segment operating income margin was 12%, down 30 basis points due to mix.

飛彈解決方案（Missile Solutions）營收年增5%。若排除出售商用太空推進業務的影響，內生營收成長17%，主要由關鍵飛彈專案出貨量增加所帶動。飛彈解決方案事業部營業利益率為12%，因產品組合影響下滑30個基點。

In the quarter, we closed on the sale of our commercial space propulsion business. Investment gains and losses associated with our retained ownership interest will be recorded as other nonoperating income. Now turning to cash conversion and leverage on slide 12.

本季我們完成商用太空推進業務的出售交割。與我們保留持股權益相關的投資損益，將列為其他非營業收入。接著看第12頁投影片，說明現金轉換與槓桿。

Over the past few years, our free cash flow has consistently exceeded net income. The team's disciplined execution and strong cash generation have enabled us to reduce net debt leverage from 4.3 times to approximately 1.9 times, strengthening our balance sheet.

過去幾年，我們的自由現金流持續高於淨利。團隊嚴謹的執行與強勁的現金創造能力，使我們將淨負債槓桿倍數從4.3倍降至約1.9倍，進一步強化資產負債表。

At the end of the third quarter, we had $3 billion in cash and short-term investments. In the fourth quarter, we expect to generate approximately $1 billion of free cash flow and repay $800 million of debt, bringing our projected year-end cash balance to $3.2 billion.

截至第三季末，我們持有30億美元的現金與短期投資。第四季我們預期將產生約10億美元的自由現金流，並償還8億美元債務，使預估年末現金餘額達32億美元。

Looking ahead to 2027 and 2028, we expect to continue generating meaningful operating cash flow. We have sufficient cash to fund our $3 billion investment in missile capacity expansion, normal capital expenditures and dividends. Even after these investments, we expect to have more than $5 billion in excess cash we intend to deploy.

展望2027與2028年，我們預期將持續產生可觀的營運現金流。我們有充足現金可支應30億美元的飛彈產能擴張投資、正常資本支出與股利。即使在完成上述投資後，我們仍預期將有超過50億美元的超額現金可供運用。

Let me turn to our capital allocation priorities. Our first priority is investing in the business, including our $3 billion missile investment. Second, we remain committed to our dividend. Third, while our leverage is attractive, we have the ability to further delever and create more dry powder. Fourth, we believe share repurchases are an important tool and are highly attractive at our current valuation.

接著說明我們的資本配置優先順序。第一優先是投資本業，包括我們30億美元的飛彈投資。第二，我們仍致力於維持股利政策。第三，雖然目前槓桿水準具吸引力，我們仍有能力進一步去槓桿，累積更多可用資金（dry powder）。第四，我們認為庫藏股回購是重要工具，且以目前估值而言非常具吸引力。

Lastly, for M&A, we do not expect to engage in any large-scale M&A in the foreseeable future. We believe we will create the most value by focusing on our business and driving operational performance. Moving to our 2026 guidance. We are increasing the bottom end of our revenue guidance by $300 million to $23.5 billion to $23.7 billion, increasing the midpoint by $150 million. Accordingly, organic revenue growth is now 9% to 10%.

最後，就併購（M&A）而言，我們在可預見的未來不預期進行任何大型併購。我們相信，專注於本業並推動營運表現，將能創造最大價值。接著看我們2026年指引。我們將營收指引下緣上調3億美元至235億至237億美元，並將中位數上調1.5億美元。因此，內生營收成長率目前為9%至10%。

Segment operating margin guidance is reaffirmed at low 16%. We are raising our EPS guidance to $12.25 to $12.35, up from our prior guidance range of $11.80 to $12. The updated range represents an increase of $0.40 at the midpoint with about half of the increase due to lower interest expense, which is now expected to be $515 million. We are reaffirming our free cash flow guidance of $3 billion. To improve investor ease of use and comparability, we updated our free cash flow definition to exclude cash proceeds from asset sales.

各事業部營業利益率指引維持在約16%出頭（low 16%）。我們將每股盈餘（EPS）指引上調至12.25至12.35美元，高於先前的11.80至12.00美元區間。更新後區間的中位數上調0.40美元，其中約一半來自利息費用降低；目前預期利息費用為5.15億美元。我們重申自由現金流指引為30億美元。為提升投資人使用便利性與可比性，我們更新自由現金流定義，排除資產出售的現金收入。

At the segment level, we are making two adjustments. Space & Mission Systems full year revenue is increasing $200 million to $11.9 billion. Communications & Spectrum Dominance revenue is reduced by $100 million to $7.9 billion. Now let's turn to our 2028 financial framework. We are reaffirming organic growth expectation of 8%.

在事業部層級，我們進行兩項調整。太空與任務系統全年營收上調2億美元至119億美元。通訊與頻譜優勢營收下調1億美元至79億美元。接著看我們2028年財務架構。我們重申內生成長預期為8%。

We expect segment margins of approximately 16%, down from our prior estimate of 16.3%. This updated guidance assumes no significant gains from product line sales or investment income. We now expect 2028 free cash flow of $3 billion compared to our previous expectation of $3.5 billion.

我們預期事業部利潤率約為16%，低於先前估計的16.3%。此更新後指引假設不會有來自產品線出售或投資收益的顯著增益。我們目前預期2028年自由現金流為30億美元，低於先前預期的35億美元。

The revised outlook reflects three changes: funding approximately $250 million in company 401(k) contributions with cash rather than newly issued L3Harris shares, lower segment margin and changes in capital expenditure timing to accelerate our missiles investments. The $3 billion free cash flow guidance represents over 100% cash conversion.

修正後展望反映三項變動：以現金而非新發行L3Harris股票來支付約2.5億美元的公司401(k)提撥、較低的事業部利潤率，以及資本支出時點調整以加速飛彈投資。30億美元的自由現金流指引代表超過100%的現金轉換率。

With that, I'll turn the call back to Sam.

以上，我把電話交回給Sam。

Thank you, Ken. We are comfortable operating in a dynamic political and economic environment and remain confident that we are well positioned with our strong backlog in areas of continued priority and urgency.

謝謝你，Ken。我們有信心在多變的政治與經濟環境中運作，並仍然相信，憑藉我們在持續優先且具急迫性領域的強勁在手訂單（backlog），我們已處於有利位置。

Finally, I would like to once again thank our employees and leadership team for delivering such a strong quarter.

最後，我想再次感謝我們的員工與領導團隊，交出如此亮眼的一季。

I will now turn the call over for questions.

現在我把電話交給提問環節。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（接線員指示）Morgan Stanley的Kristine Liwag。

Congratulations, Sam, on your new role. So I guess I wanted to ask you about margins and your operational priorities. You delivered a pretty impressive 200 basis points of operating margin expansion this quarter, your first quarter as a head of L3Harris.

恭喜你，Sam，升任新職。我想請教你關於利潤率以及你的營運優先事項。你們本季交出相當亮眼的營業利益率擴張200個基點，這也是你擔任L3Harris負責人的第一個季度。

So I guess part of it is, given your background as an operations-focused leader, your comments around accelerating productivity through automation and AI, how much opportunity do you see to drive further efficiencies and expand margins, especially when you've got this robust revenue outlook ahead of you?

所以我想其中一部分是，鑑於您以營運為導向的領導背景，以及您提到透過自動化與 AI 加速生產力，您認為在未來營收展望強勁的情況下，還有多大機會能進一步推動效率提升並擴大利潤率？

And I know we're limited to one question, but I wanted to step back and say more broadly, as you put your stamp on L3Harris, should we think of your approach as largely accelerating the execution of the existing strategy? Or are there areas where you see opportunities to do things differently?

我知道我們只能問一個問題，但我想退一步更宏觀地問：當您在 L3Harris 打上您的烙印時，我們是否應該把您的作法視為主要是加速既有策略的執行？還是您看到有些領域存在以不同方式來做的機會？

Thank you, Kristine. Appreciate the feedback. A couple of things maybe from my perspective. Number one, on the lower corporate costs and the operating costs you mentioned and the growth on operating margin, that's embedded in our DNA now. We'll be focused on making sure whether it's business process at the corporate office all the way down to the factory floor, we're going to be relentless in our pursuit of productivity and efficiency gains.

謝謝你，Kristine。感謝你的回饋。從我的角度來看，有幾點。第一，關於你提到的較低公司層級成本與營運成本，以及營業利益率的成長，這現在已經深植於我們的 DNA。我們會專注於確保，無論是總部的業務流程一路到工廠現場，我們都會不懈地追求生產力與效率的提升。

And that will be really across the entire enterprise. What you might see, which is a little bit different, a change in strategy, the increased focus on driving the portfolio we have. We spent the last several years building this fantastic portfolio we have.

而且這將會涵蓋整個企業。你可能會看到一些略有不同、策略上的改變：更聚焦於推動我們現有的投資組合。過去幾年我們打造了這個非常出色的投資組合。

Now it's time to probably stop with as many moving pieces and focus on the business we have to drive better performance. And again, that means disciplined performance, disciplined execution, driving cost out of the business, most importantly, accelerating, turning -- converting -- accelerating the backlog that we have into sales by accelerating execution through our business processes on our factory floors.

現在大概是時候不要再有那麼多變動因素，而是聚焦在我們既有的業務上，以帶動更好的績效。同樣地，這意味著有紀律的績效管理、有紀律的執行、把成本從業務中移除；最重要的是，透過在工廠現場的業務流程加速執行，把我們的在手訂單加速轉化——轉換——加速轉成銷售。

So that's the most exciting part of the business for me, and you'll see continued focus on it.

所以對我而言，這是這門生意最令人興奮的部分，你們也會看到我們持續聚焦在這上面。

Ronald Epstein, Bank of America.

美國銀行的 Ronald Epstein。

This is Farrell Granath, on for Ron. I first just wanted to ask about your free cash flow, especially given the strong about $1.3 billion in 3Q. Can you outline how much of that was potentially a benefit of timing of collections or pull forward from 4Q as well as bridging it to the maintained $3 billion full year outlook?

我是 Farrell Granath，代 Ron 提問。我首先想問你們的自由現金流，特別是考量到第三季約 13 億美元的強勁表現。你們能否說明其中有多少可能是收款時點帶來的好處，或是從第四季提前拉到第三季？另外，也請說明如何銜接到維持全年 30 億美元展望的橋接關係？

Well, we remain -- first of all, we do remain confident in our $3 billion full year outlook. Ken mentioned in his remarks, we remain committed to making sure that cash flow to net income is always greater than 100% of our business. I think that's one of the strengths of the portfolio.

嗯，我們仍然——首先，我們確實仍對全年 30 億美元的展望有信心。Ken 在他的談話中提到，我們仍致力於確保現金流對淨利的比率在我們的業務中始終高於 100%。我認為這是這個投資組合的優勢之一。

We're very careful and cautious and intentional in the way we negotiate agreements to make sure that we remain cash flow neutral or better in most of these negotiations, whether that's in the missiles business with these framework agreements or with agreements like VAMPIRE for international customers. Ken, any additional comments?

我們在協議談判上非常謹慎、審慎且有意識，確保在多數談判中我們能維持現金流中性或更佳；不論是在飛彈業務的這些框架協議，或是像 VAMPIRE 這類面向國際客戶的協議。Ken，還有補充嗎？

Yes. I would just add that, look, we have great momentum on cash flow. There's been a lot of focus with the team to make sure our cash is more linear. So we don't look at it certainly as Q4 pull forwards. We just look at it as doing the hard work day in and day out, and the team is doing a nice job.

有。我只想補充，坦白說，我們在現金流方面動能很強。團隊投入了很多心力，確保我們的現金流更線性、更平均。所以我們當然不把它視為第四季的提前拉貨。我們只是把它看作每天踏實做艱難的工作，而團隊做得很好。

So we're 75% through the year. We have 60% of our cash generation. So we think we're in a great place to deliver on our full year guidance and look forward to delivering and getting on the next call.

所以我們今年已經走過 75%。我們已完成 60% 的現金產生。因此我們認為自己處於非常好的位置，能達成全年指引，也期待交付成果並在下一次電話會議再見。

Sheila Kahyaoglu, Jefferies.

Jefferies 的 Sheila Kahyaoglu。

Sam, so nice to officially hear from you and Ken, of course. Maybe, Sam, for you, if you don't mind, just starting with the 2028 targets. You've made some relatively modest changes to that framework that was approved by the Board just eight months ago. Can you help us understand what was the impetus for this and just how you're thinking about the framework more broadly from here?

Sam，很高興正式聽到你發言，當然也包括 Ken。Sam，如果你不介意，或許先從 2028 年目標談起。你們對於董事會在八個月前才核准的那個架構，做了一些相對溫和的調整。你能幫我們理解這麼做的動因是什麼，以及你接下來更廣泛地如何看待這個架構嗎？

And of course, just as new CEO, I have to ask you, the margin outlook doesn't look aggressive at all over the next three years. Is there any reason you're thinking about that? And how you're thinking about capital deployment, just given the sum of the parts values LHX at 2 times the value of where you're currently trading. So just how you're broadly thinking about strategic capital deployment from here?

當然，作為新任 CEO，我也必須問：未來三年的利潤率展望看起來一點也不激進。你這樣思考有什麼原因嗎？另外，考量到分部加總估值（sum of the parts）顯示 LHX 的價值是你們目前交易價格的 2 倍，你如何看待資本配置？也就是說，從現在起你對策略性資本部署的整體思路是什麼？

Yes. Thank you, Sheila. I appreciate the questions. A couple of things. First of all, on the 2028 financial framework, on the segment operating margin, I feel confident in the 16%.

是的，謝謝你，Sheila。感謝這些問題。有幾點。首先，關於 2028 年財務架構、分部營業利益率部分，我對 16% 有信心。

We know previous guidance was around 16.3%. Really, what we've done is removed any assumed benefit from product line sales or investment income from our formula, from our calculation. So what you'll see is a 16% operating, roughly 16% operating margin, which more closely matches the actual underlying execution and operation of the business.

我們知道先前的指引大約是 16.3%。實際上，我們所做的是把產品線出售或投資收益等假設性利益，從我們的公式、計算中移除。因此你會看到約 16% 的營業利益率，這更貼近業務實際的底層執行與營運狀況。

On the free cash flow side, a couple of big moving pieces there to go from $3.5 billion to $3 billion. The single biggest piece is really just the way the -- change in the way that we make our company 401(k) contributions.

在自由現金流方面，從 35 億美元到 30 億美元有幾個大的變動因素。其中最大的一項，主要是我們公司 401(k) 提撥方式的改變。

Previously, we issued $250 million of new stock on a regular basis to do that. We will be funding that with cash now. We think that will limit the effect of dilution, which we know is not great. We also see a little bit of lower segment margin. Again, some of that comes in mix of faster growth on some of the lower-margin businesses as we grow margin in those businesses over time.

過去我們會定期發行 2.5 億美元的新股來進行這件事。現在我們將改以現金來資助。我們認為這將限制稀釋的影響，而我們知道稀釋並不好。我們也看到分部利潤率略低一些。同樣地，其中一部分來自組合因素：某些較低利潤率業務成長更快，而我們會隨時間在這些業務中提升利潤率。

And then the opportunity to maybe pull forward a little bit of capital expenditure into 2028 so that we can continue to go accelerate revenue in out years even beyond this framework.

另外，也可能有機會把部分資本支出稍微提前到 2028 年，以便我們在此架構之後的未來年度仍能持續加速營收成長。

Yes. Maybe just to add, Sam, and Sheila, I really appreciate your comment about our sum of parts and clearly, we're more valuable than what we're trading at. So I think that's very astute on your part. Certainly, we made comments that we're going to generate pretty meaningful free cash flow. So we're looking forward to deploying that in a very shareholder-friendly manner to drive value for the company.

是的，我也許補充一下，Sam，以及 Sheila，我很感謝你對我們分部加總估值的評論，而且很明顯，我們的內在價值高於目前的交易價格。所以我認為你的觀察非常敏銳。我們也確實提到，我們將產生相當可觀的自由現金流。因此我們期待以非常有利於股東的方式來部署這些現金流，為公司創造價值。

I just also maybe touch on Sam's margin adjustment. When you look at those nonrecurring items and you back away and you say, okay, where are we at today versus that, it's about 50 basis points of margin from like 16% to 15%, puts us somewhere around 15.5%.

我也想再補充一下 Sam 的利潤率調整。當你把那些非經常性項目剔除、退一步看，然後說，好，那我們今天相對於那個水準在哪裡，大約是 50 個基點的利潤率差異，從大概 16% 到 15%，使我們落在約 15.5% 左右。

So we have some work ahead of us, right? That's where Sam is very focused on the execution piece, drive the margin up. So I would expect you'll see margins improve as we drive the performance of the business without some of these nonrecurring items.

所以我們前面還有一些工作要做，對吧？這也是 Sam 非常專注在執行面的原因，把毛利率拉升。因此我預期，隨著我們在沒有這些一次性／非經常性項目的情況下推動業務表現，你會看到利潤率改善。

And Sheila, I would just add, there's also the disposition of the space propulsion business that would be about $75 million as well on the free cash flow side.

Sheila，我再補充一點：太空推進業務的處分，在自由現金流方面也大約會有 7,500 萬美元。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Sam, I don't know if you touched on this. I missed the first bit of your call, unfortunately, it's a very busy morning. But I was wondering if you could give us an update on your thoughts on this potential missile IPO. You mentioned you have the internal generated cash flow to cover the CapEx requirements, but also that your valuation perhaps is not that generous. So an update on that would be much appreciated.

Sam，我不確定你是否提到過這點。很不巧我錯過了電話會議一開始的部分，今天早上非常忙。但我想請你更新一下你對這個潛在飛彈業務 IPO 的看法。你提到你們有內部產生的現金流可以覆蓋資本支出（CapEx）需求，但也提到你們的估值可能不算慷慨。所以如果能更新一下，我會非常感謝。

Yes. Great question. Thank you. Appreciate that, Robert. Really, the status of the IPO has not significantly changed or moved from the last time we discussed it, which was we established four criteria that we feel need to be satisfied in order to create value for our shareholders through the IPO.

是的。問得很好。謝謝。Robert，感謝你。基本上，IPO 的狀態相較於我們上次討論時並沒有顯著改變或推進；當時我們訂了四項標準，我們認為必須滿足這些標準，才能透過 IPO 為股東創造價值。

Those were government contracting environment, which continues to look favorable. Contracts, of course, we locked down some great contracts in the meantime. So that's moved in a positive direction. We continue to execute strongly on the business. We're doubling, tripling on key solid rocket motor programs with our deliveries.

第一是政府承包環境，目前看起來仍然有利。第二是合約；當然，我們在這段期間也敲定了一些很棒的合約。所以這方面是往正向發展。第三是我們持續強力執行業務。在關鍵固體火箭發動機專案上，我們的交付量正在加倍、甚至三倍成長。

And of course, the valuation has to be something which is attractive. And that's really the area that we continue to monitor to make sure that capital markets, capital formation, some of the valuation of our peer companies, we like to see much more attractive valuations before we move forward. We consider -- we continue to reconsider. We continue to consider the timing of an IPO. Right now, we're targeting sometime in the middle of next year to continue that consideration.

當然，估值必須具有吸引力。而這正是我們持續關注的領域：確保資本市場、資本形成，以及同業公司的估值水準；在我們推進之前，我們希望看到更具吸引力的估值。我們會持續重新評估。我們也持續考量 IPO 的時點。目前我們的目標是在明年年中左右，繼續進行這項評估。

John Godyn, Citi.

John Godyn，花旗（Citi）。

What I wanted to use my question on is just to focus on the organic growth outlook. I know there have been some tweaks to the 2028 framework, but you guys kept 8% organic growth. You're already outperforming that this year.

我想把問題聚焦在內生成長（organic growth）的展望。我知道你們對 2028 年框架做了一些調整，但你們仍維持 8% 的內生成長。而你們今年已經超越這個水準。

There seems to be a good setup into next year, even though you haven't offered crisp guidance on that. Needless to say, 8% does not feel like a high bar given what we're seeing in Missile Solutions, space, et cetera. Maybe we could just discuss the puts and takes as we're forming a view into next year.

看起來明年的態勢也不錯，雖然你們還沒有給出明確的指引。不用說，考量到我們在飛彈解決方案、太空等領域看到的情況，8% 感覺並不是很高的門檻。也許我們可以談談在形成對明年看法時的利多與利空因素。

I appreciate the question, John. Thanks. A couple of things. Number one, we are very, very confident in our ability to be able to hit and possibly even exceed the 8% year-over-year growth that's in our 2028 framework.

謝謝你的提問，John。有幾點。第一，我們對於達成、甚至可能超越 2028 年框架中所列的年對年 8% 成長能力非常、非常有信心。

Now some of this depends upon timing of budgets, especially not only domestically, but internationally and making sure that about 24% of our sales on an annual basis are from international customers. So there are conditions that are outside of our control.

不過其中一部分取決於預算時程，尤其不只是國內，也包括國際；並且要注意我們每年約 24% 的銷售額來自國際客戶。因此確實存在一些我們無法控制的條件。

Having said that, with the $53 billion plus backlog that we currently enjoy, we'll do everything we can to accelerate that backlog into this period of the framework to see if we can meet and exceed that 8% CAGR that you referenced.

話雖如此，憑藉我們目前享有的超過 530 億美元在手訂單（backlog），我們會盡一切努力把這些在手訂單加速轉化到這個框架期間內，看看能否達成並超越你提到的 8% 年複合成長率（CAGR）。

Yes. And just to add, I mean, that guidance is two years out, right? So we're very focused on driving the business. We'll certainly update that as we execute.

是的。我再補充一下，畢竟那個指引是兩年後的事，對吧？所以我們非常專注在推動業務。我們會在執行過程中持續更新。

Peter Arment, Baird.

Peter Arment，Baird。

Congratulations, Sam. Maybe if you could just quickly touch base, Sam, on -- we've got a lot of inputs that we've heard from a lot of other players around the supply chain and bottlenecks that within that.

恭喜你，Sam。也許你可以很快地談一下——Sam——我們從供應鏈中的許多其他參與者那裡聽到很多訊息，包括其中的瓶頸。

And if you touched upon it, sorry, I missed it, but just how you're viewing the supply chain, like what is internal bottlenecks versus supplier controlled bottlenecks and how you're addressing that, just given all the framework agreements and everything else that you guys are winning?

如果你已經提到過，抱歉我錯過了；但想請教你如何看待供應鏈：哪些是內部瓶頸、哪些是供應商端可控的瓶頸，以及在你們贏得這些框架協議和其他訂單的情況下，你們如何應對？

Yes. I appreciate the question. Thanks, Peter. A couple of areas. When we talk about supply chain, as we referenced, as Ken referenced it earlier in his remarks, we're talking a little bit about CSD.

是的，謝謝你的提問。謝謝，Peter。有幾個面向。當我們談供應鏈時，正如我們提到的、Ken 先前在發言中也提到的，我們有一部分是在談 CSD。

There were a small handful of parts that were constrained having to do with printed circuit board manufacturing. We're talking about things like laminates that were two or three tiers down in the supply chain. They are capacity constrained largely because of the pull on AI and data centers for microelectronics. We've worked our way through those. We have to thank the Department of War for their assistance in doing so.

有少數幾個零件受限，與印刷電路板（PCB）製造有關。我們談的是像層壓板（laminates）這類在供應鏈往下兩、三層的材料。它們的產能受限，主要是因為 AI 與資料中心對微電子的拉動需求。我們已經把這些問題逐步解決。我們要感謝戰爭部（Department of War）在這方面提供的協助。

They actually reached out directly to some of these suppliers in partnership with us to make sure that we got priority from the delivery so that we can make sure that we can protect the war fighter. We don't expect that to have a material impact or any effect in Q4 as we recover.

他們實際上與我們合作，直接聯繫其中一些供應商，確保我們在交付上獲得優先順序，讓我們能確保保護作戰人員。隨著我們在第四季（Q4）恢復，我們不預期這會造成重大影響或任何影響。

On the, on the MSL side, on the Missile Solutions side, obviously, a different set of challenges. Having said that, about 25% of our $3 billion investment is directly into supply chain and supply chain capacity. So we're seeing the benefit of that coming online, Peter.

在 MSL 端、也就是飛彈解決方案（Missile Solutions）端，顯然是一套不同的挑戰。話雖如此，我們 30 億美元投資中約有 25% 是直接投入供應鏈與供應鏈產能。所以我們正看到這些投資帶來的效益開始上線，Peter。

This is multiple sources. This is developing multiple sources for critical bottleneck items. But I would say also making sure that our existing supply base modernizes its equipment, its production, efficiency gains in their supply chain as well. So we're really funding or helping to develop the entire ecosystem to make sure we have a resilient supply chain really in all three of our segments.

這包括多來源供應。也就是為關鍵瓶頸項目建立多個來源。但我也想說，還包括確保我們既有的供應基礎能夠現代化其設備、提升產能，並在其供應鏈中取得效率增益。因此我們其實是在資助或協助打造整個生態系，確保我們在三個事業部門都擁有具韌性的供應鏈。

Yes, I would just add the Department of War investment was very important to us because I think most people are aware, we didn't have contracts until really this quarter. That $1 billion allowed us to go out and start working with vendors, making commitments.

是的，我再補充一下：戰爭部（Department of War）的投資對我們非常重要，因為我想大多數人都知道，我們直到這一季才真正拿到合約。那 10 億美元讓我們能夠出去開始與供應商合作、做出承諾。

And we had, I think, up until these awards, we had about $2 billion of precontract costs floating around. And now we've gotten a lot of that on contract on our side. So we have been working, and Ken and the missiles team has done a really nice job of getting out with the vendors and so forth.

而且我認為，在這些授標之前，我們大約有 20 億美元的合約前成本（precontract costs）懸而未決。現在我們已經把其中很大一部分轉成我們這邊的合約項下。所以我們一直在推進這些工作，Ken 和飛彈團隊在與供應商接洽等方面做得非常好。

So I think we should be in pretty good shape.

所以我認為我們應該會處於相當不錯的狀態。

Doug Harned, Bernstein.

Doug Harned，Bernstein。

On CSD, really two things there. The radio business is such an important high-margin business for you all. And one is you talked a lot about the things you can do with respect to cost reduction. So first part of this is how far can you go? You've been at these 25% margins.

關於 CSD，主要有兩點。無線電業務對各位而言是一項非常重要、且高毛利的業務。其中一點是你們談了很多關於成本降低可以做的事情。所以第一部分是，你們能做到什麼程度？你們一直維持在 25% 的利潤率水準。

But because of the fixed cost nature of this business, you would think there's real upside potential there over time. But also, as you look forward and we head toward NGC2, and I know you've won some things on this, but we saw, it's a very different structure with GD and Pacific Defense winning the core chassis last year and then looking at a push toward continuous competition on this program going forward. How do you see the transition over time from the current radio business that's been so successful heading into NGC2?

但由於這項業務具有固定成本的特性，你會認為長期來看有很大的上行潛力。另外，當你往前看、我們邁向 NGC2，我知道你們在這方面贏得了一些項目，但我們看到這是一個非常不同的架構：GD 與 Pacific Defense 去年贏得了核心底盤（core chassis），而且接下來這個計畫似乎會朝向持續競爭（continuous competition）的方向推進。你如何看待從目前非常成功的無線電業務，隨著時間推移轉向 NGC2 的過渡？

Yes. I appreciate the question, Doug. Listen, on NGC2, in particular, we are an integral partner and part of NGC2. It's created a little bit of confusion because oftentimes in budget documents, it's listed separately from our core radio programs like HMS. But rest assured that we've won our fair share of NGC2-related awards, especially since we play very, very heavily in that transport layer.

是的。謝謝你的問題，Doug。聽著，就 NGC2 而言，特別是，我們是 NGC2 的關鍵合作夥伴與組成部分。這造成了一些混淆，因為在預算文件中，它常常被單獨列示，與我們的核心無線電計畫（例如 HMS）分開。但請放心，我們已經贏得了相當份額的 NGC2 相關獎項，尤其是因為我們在傳輸層（transport layer）投入非常、非常深。

So we don't expect any significant material reduction in the amount of awards and the amount of business we get from the Army under NGC2. As a matter of fact, in recent demonstrations, we've actually seamlessly integrated with companies like Anduril and Lockheed Martin as they build out their NGC2 networks.

因此，我們不預期在 NGC2 之下，來自陸軍的獎項數量與業務量會出現任何重大的實質性下滑。事實上，在近期的展示中，當 Anduril 與 Lockheed Martin 等公司建置其 NGC2 網路時，我們實際上已經能與其無縫整合。

So we remain confident that we'll be a major player for the Army going forward, whether it's NGC2 or whether the Army reverts to funding individual line items, specifically in models that we play. Just a reminder, we always compete under the Army's radio program. So whether it's HMS or Manpack or the different radios models we have, we have competitors in each of those areas where we compete on an annual basis.

所以我們仍然有信心，未來我們將是陸軍的重要參與者，不論是 NGC2，或是陸軍回到以個別預算科目（line items）來編列資金，特別是在我們所參與的型號上。提醒一下，我們一向是在陸軍的無線電計畫下參與競標。因此，不論是 HMS、Manpack，或是我們擁有的不同無線電型號，在每個領域我們都有競爭對手，並且每年都在競爭。

So competition is nothing new for us in this space. From a cost perspective, we continue to find new opportunity every single day, Doug. An example would be the way that we're using AI on the manufacturing floor to make our operations more efficient every day. And so as new technologies, like AI and automation, take hold and we incorporate them, we do expect to be able to maintain and grow margins in our radio business over time.

所以在這個領域，競爭對我們來說並不新鮮。從成本角度來看，Doug，我們每天都在持續發掘新的機會。舉例來說，我們在製造現場使用 AI，讓營運每天都更有效率。因此，隨著 AI 與自動化等新技術逐步成熟、且我們將其納入運用，我們確實預期能在時間推移下維持並提升我們無線電業務的利潤率。

Yes. And just maybe touch on the margins, right, because we're big fans of the innovation the team does. Sam mentioned earlier about communications on the battlefield, which is music to my heart, making sure our war fighters get home is what the mission is all about. Our radios are critically important in that. We talk about software-defined radios.

是的。再補充一下利潤率的部分，對吧，因為我們非常欣賞團隊所做的創新。Sam 先前提到戰場通訊，這正合我意，確保我們的戰士能平安回家，這就是任務的核心。我們的無線電在其中至關重要。我們談到軟體定義無線電（software-defined radios）。

We talked about Wraith Shield on the last call. Those capabilities are very important. So I think our focus right now is bringing technology with some that comes out of the radios like Wraith Shield that may be put on VAMPIRE, for example, those things are very important to us. So we're not looking to accelerate the margin necessarily, but really accelerate the innovation across the whole business.

我們在上一次電話會議談到 Wraith Shield。這些能力非常重要。所以我認為我們目前的重點，是把技術帶進來，其中一些源自無線電的技術（例如 Wraith Shield）也可能被部署到例如 VAMPIRE 上，這些對我們都非常重要。因此，我們不一定是要加速提升利潤率，而是要在整個業務範圍內加速創新。

Richard Safran, Seaport Research.

Richard Safran，Seaport Research。

Congrats, Sam. So I have a two-part very related question. The slide appendix details are pretty impressive and interesting. Just curious as to what's behind providing all that detail. And second, as I'm looking at that, contract mix has been moving towards cost type.

恭喜你，Sam。我有一個非常相關的兩部分問題。投影片附錄的細節相當令人印象深刻，也很有意思。我只是好奇，提供這麼多細節背後的原因是什麼。第二，當我看那些內容時，合約組合一直在往成本型（cost type）移動。

And I was wondering how the surge in bookings and new awards might affect contract mix generally as we look ahead.

我想知道，訂單（bookings）與新得標案（new awards）的激增，可能會如何影響我們往前看的整體合約組合？

Appreciate the question. I'll answer the second part of the question first and maybe defer to Ken on the financial appendixes. We largely see a lot of the growth in our backlog associated -- is really associated with firm fixed price contracts. So we do have Next-Gen Jammer, which we're very proud of in our S2 business, and that's within CSD that we captured. That's cost type.

謝謝你的問題。我先回答第二部分，然後關於財務附錄的部分可能交給 Ken。我們看到積壓訂單（backlog）的成長大多——其實主要是——與固定總價（firm fixed price）合約相關。所以我們確實有 Next-Gen Jammer，我們在 S2 業務中非常自豪，而那是在 CSD 之內我們拿下的。那是成本型合約。

That's one of the exceptions. The vast majority of the business that we are booking and we had booked in this previous quarter had firm fixed price contract types. So we look forward to being able to execute those efficiently so we can get the additional margin associated with productive and efficient execution. Ken, I'll defer to you on the appendices.

那是少數例外之一。我們正在接單、以及上一季已接下的大多數業務，合約類型都是固定總價。因此，我們期待能有效率地執行這些合約，從而取得與高生產力、有效執行相伴的額外利潤。Ken，附錄部分我交給你。

Yes. Thanks, Sam. And it's interesting. I think this is some of Sam's spend as well as being an operator and having details. I would also categorize as you engage with investors, we have a great business, right?

是的。謝謝，Sam。這很有意思。我想這也反映了 Sam 的風格——作為營運者，他喜歡掌握細節。我也會這樣描述：當你與投資人互動時，我們其實是一門很棒的生意，對吧？

And it's very clear to me because I'm in the details every day. And then when you get more into our numbers, it gets harder to understand our numbers. So we said, how do we make that great business, that great performance clear. So our desire was to go look at our investor materials, and we got a lot of great investor feedback. So it was around how do you improve ease of use, understandability in all those places.

這對我來說非常清楚，因為我每天都在看細節。但當你更深入我們的數字時，反而會更難理解我們的數字。所以我們在想，如何讓這門很棒的生意、這樣的優異表現更清楚易懂。因此，我們希望回頭檢視投資人資料，我們也收到了很多很好的投資人回饋。重點在於：如何提升易用性、可理解性，以及所有相關面向。

Really to -- take Sheila's question around the sum of the parts and why we're not getting valued. So we want to make sure people understand the core performance. That's really where we're at. We're going to go drive the business. Sam is going to clearly drive the business.

這其實是——呼應 Sheila 關於「各部分加總」（sum of the parts）以及為什麼我們沒有獲得相應估值的問題。所以我們想確保大家理解核心表現。這就是我們目前所處的位置。我們會去推動業務。Sam 也會很清楚地推動業務。

That's the focus, and we'll make sure that the the ease of use for investors and analysts is there.

這就是重點，我們也會確保投資人與分析師在使用上、理解上都能更容易。

Noah Poponak, Goldman Sachs.

Noah Poponak，Goldman Sachs。

I wanted to ask about Space & Mission Systems growth. The growth year to date is pretty strong. The backlog is up a lot over the last few years. If I take the 2028, and I appreciate the comments you've made here about that's a few years out and maybe a bit of a moving target. But if I take the '28 revenue forecast, it implies the organic growth would decelerate '27 and '28 quite a bit and I think be below market.

我想問一下 Space & Mission Systems 的成長。今年迄今的成長相當強勁。過去幾年積壓訂單也大幅上升。如果我看 2028 年——也感謝你們在這裡提到那是幾年之後、可能也有些變動——但如果我看 2028 年的營收預測，它意味著有機成長在 2027 與 2028 年會明顯放緩，而且我認為會低於市場。

Can you talk about the puts and takes of that? What are the biggest growth drivers there? And is there anything slowing or rolling off that we should be aware of?

你能談談其中的利多與利空因素（puts and takes）嗎？那邊最大的成長驅動因素是什麼？以及是否有任何我們需要留意的放緩或到期下滑（rolling off）的因素？

Thanks, Noah, for the question. We don't see anything particularly slowing down. Some of this comes down to timing. From a space standpoint, continue to see strong growth. We saw that year over year this third quarter this year as compared to the third quarter last year.

謝謝你，Noah，提出這個問題。我們沒有看到任何特別放緩的跡象。其中一部分取決於時點。從太空業務的角度來看，我們持續看到強勁成長。我們在今年第三季相較去年第三季的年增表現也看到了這一點。

We do think on programs like ISR, which tend to be big and lumpy in nature, we're talking about multibillion-dollar programs that are let many times from international customers, but the timing of those can get tricky. And so they can be a little bit lumpy in nature.

我們確實認為，像 ISR 這類專案通常規模大且具有不均勻（lumpy）的特性；我們談的是數十億美元等級的專案，且很多是由國際客戶多次釋出，但其時點可能會變得棘手。因此它們在性質上可能會有些不均勻。

Frankly, I expect this number to be able to continue to change significantly based upon those $1 billion-plus movements as our international customers, in particular, consider, reconsider and move the timing of some of their planned missionized business jet purchases.

坦白說，我預期這個數字會因為那些超過 10 億美元的變動而持續出現顯著變化，特別是當我們的國際客戶在考量、重新考量並調整其部分已規劃的任務化商務噴射機採購時點時。

Yes. I would just say, Noah, we feel like we're very well positioned and look forward to delivering on the guidance.

是的。我只想說，Noah，我們覺得自己處於非常有利的位置，也期待能夠達成指引。

Myles Walton, Wolfe Research. Apologies. Please standby. We will move to your next question from Ken Herbert from RBC Capital Markets.

Wolfe Research 的 Myles Walton。抱歉。請稍候。我們將進入下一個問題，由 RBC Capital Markets 的 Ken Herbert 提問。

Congrats on the quarter. And I wanted to just dig a little deeper, if we could, into the Missile Solutions. Obviously, the contract is now flowing in reflected in the backlog. I know you provided some color around the structure of these contracts.

恭喜本季表現。我想再更深入探討一下飛彈解決方案（Missile Solutions）。顯然，合約現在已開始流入並反映在積壓訂單（backlog）中。我知道你們也就這些合約的結構提供了一些說明。

But maybe just frame with us, if you could, how we should think about the risks to the execution near term on these contracts, how you structure them in terms of protecting and obviously being able to ideally expand margins in the business and just how we think about those progressing over the next couple of years as obviously, you're still in a very significant investment phase as we think about the SRMs in this business.

但如果可以的話，請幫我們框架一下：我們應該如何看待這些合約在短期執行上的風險？你們在合約結構上如何設計以提供保護，並且理想情況下能在業務中擴大利潤率？以及未來幾年這些合約的推進節奏該如何理解？畢竟就我們對這項業務中的 SRM（固體火箭發動機）來看，你們仍處於非常顯著的投資階段。

Yes. I appreciate the question. Thanks, Ken. A couple of things. From a structural standpoint, I mentioned this before, we're very, very thoughtful in the way they're structured from an advanced payment and milestone payment standpoint to make sure they remain in conjunction remain very highly aligned with our capital spend to be able to go execute these contracts.

是的。我很感謝這個問題。謝謝你，Ken。有幾點。從結構面來看，我之前提過，我們在設計上非常、非常審慎，特別是在預付款與里程碑付款的安排上，確保它們與我們的資本支出保持一致、並高度對齊，以便能夠執行這些合約。

I think the second piece of it is we do have protected provisions in the contract. So I think the Department of War prime contractors are very, very confident in the volumes materializing during the term of this, -- the seven-year term of this framework.

第二點是，我們在合約中確實有受保護的條款。因此我認為國防部的主承包商對於在此——這個七年期框架期間內——需求量能夠實現是非常、非常有信心的。

And so we have very, very strong protections in the contract to make sure that there are financial mitigations that are afforded us if that somehow does not materialize. Third, I will say is we ourselves have supreme confidence in this demand signal materializing over the seven-year period. It's listed as a primary priority for the Department of War.

因此，我們在合約中有非常、非常強的保障，確保若需求量未能如期實現，我們能獲得相應的財務緩解措施。第三點，我要說的是，我們自己也對這個需求訊號在七年期間內能夠實現抱持極高信心。這被列為國防部的首要優先事項。

I've spent a lot of time in the Pentagon in my career. I spent a lot of time in the Pentagon over the last couple of months. It's been made very clear that this is the foremost priority from the senior most levels within the Department of War.

我職涯中在五角大廈待過很多時間。過去幾個月我也在五角大廈花了很多時間。已非常清楚地表明，這是國防部內部最高層級所認定的最優先事項。

So we feel very, very confident about the demand signal, the enduring and resilient nature of the demand signal. From an execution standpoint, a lot of that $3 billion-plus investment that we've made, even the investments that we made so far in advance of receiving those framework agreements, is to make sure that we can execute.

因此，我們對需求訊號、以及其持久且具韌性的特性非常、非常有信心。從執行面來看，我們已投入超過 30 億美元的投資，其中甚至包含在收到那些框架協議之前就提前進行的投資，目的就是確保我們能夠執行。

And those are areas like building a resilient supply chain with multiple suppliers so we can avoid single point of failure, modernizing a lot of our internal equipment. We will be building over 100 buildings and adding approximately 1 million square feet to our manufacturing space in order to accommodate this new capacity. And a lot of that will be building solid rocket motors in new ways with new equipment, new production methodologies.

這些投資涵蓋例如建立具韌性的供應鏈、配置多家供應商以避免單點故障，並使我們大量內部設備現代化。我們將興建超過 100 棟建築，並為製造空間新增約 100 萬平方英尺，以容納這些新增產能。其中很大一部分將是以新的設備與新的生產方法，採用新的方式來製造固體火箭發動機。

So obviously, a lot of execution before us, and the proof will be in the results. But we remain confident and we're very, very determined to make sure that we meet this national priority defense need.

所以很明顯，我們前方仍有大量執行工作，而成果將以結果來驗證。但我們仍然有信心，也非常、非常堅定要確保滿足這項國家優先的國防需求。

Michael Ciarmoli, Guggenheim Securities.

Guggenheim Securities 的 Michael Ciarmoli。

Sam, congrats. Just maybe on the longer-term 2028 targets and thinking about backlog, can you give us a sense of how much of your current plan is already in backlog? I guess, what's the coverage through 2028?

Sam，恭喜。就較長期的 2028 年目標以及積壓訂單來看，你能否讓我們了解一下，你們目前計畫中有多少已經在積壓訂單裡？也就是說，到 2028 年的覆蓋度（coverage）如何？

And then you talked more about booking more firm fixed. Should we expect then that the margin profile, and I could appreciate the conservatism and the ramp-up and scaling up of new production, but it would seem like there'd be a natural margin expansion lever if you've got more firm fixed contracts or if you're shifting in that direction?

另外你提到會簽下更多「確定固定價格」（firm fixed）的訂單。那我們是否應該預期利潤率輪廓會有所改善？我理解你們在保守假設、產能爬坡與新產線擴張方面的考量，但如果你們有更多確定固定價格合約、或正朝那個方向轉移，似乎會有一個自然的利潤率擴張槓桿？

Thank you. Appreciate the question, Michael. First of all, we're very, very excited about the quality of the backlog we've built. I think of the $53 billion or so, I think $22 billion is funded. Of the amount that's unfunded, we remain very confident in that primarily because of what I had mentioned in the previous question.

謝謝。感謝你的提問，Michael。首先，我們對所建立的積壓訂單品質感到非常、非常振奮。在約 530 億美元之中，我想其中 220 億美元是已獲資金支持（funded）的。對於未獲資金支持（unfunded）的部分，我們仍然非常有信心，主要原因就是我在前一題提到的內容。

The vast majority of that backlog is built around our Missile Solutions business, of which we have ultimate -- very, very strong confidence that, that will materialize given how much of a need this is for our nation and an enduring priority. As far as margin and margin improvement, that is certainly the objective and the goal.

那部分積壓訂單的絕大多數是圍繞我們的飛彈解決方案業務建立的；對於其最終——我們對其能夠實現抱持非常、非常強的信心，因為這對我們國家而言是高度需要且屬於長期優先事項。至於利潤率與利潤率改善，這確實是我們的目標與方向。

I have grown up and I've come through the organization in previous organizations and with my time in L3Harris, very deeply involved on the operations execution and program management side, which is to say we're always looking for opportunity to reduce costs and be able to go either manufacture product, deliver to our customers, innovate more efficiently and more productively.

我一路在組織中成長，無論是在先前的組織，或是在我於 L3Harris 的任期內，我都非常深度參與營運執行與專案管理面向；也就是說，我們一直在尋找降低成本的機會，並能以更有效率、更高生產力的方式製造產品、交付客戶，以及推動創新。

So we'll definitely look for additional opportunities to drive the margin upward. We -- certainly, the opportunity presents itself. We'll update our 2028 framework as we go, but I'm confident in the team and their ability to be able to drive the business to get better results.

因此我們一定會尋找更多機會來推升利潤率。我們——當然，機會確實存在。我們會在推進過程中更新 2028 年的框架，但我對團隊以及他們推動業務、取得更好成果的能力充滿信心。

Yes. And just maybe to add, so just for clarity, right, the funded backlog is $31 billion. And when you go and think about execution, a lot of these are in the backlog specifically, a lot of new fixed price work. Clearly, fixed price work doing a lot what we know how to do. So I think, and our guide also infers this that we have some acceleration of margin.

是的。再補充一下，為了釐清：已獲資金支持的積壓訂單是 310 億美元。當你去思考執行時，很多都已在積壓訂單中，特別是很多新的固定價格工作。很明顯，固定價格工作多半是我們熟悉、擅長的領域。因此我認為——而且我們的指引也暗示——我們的利潤率會有一些加速提升。

I know it's a little confusing with having approximately 16% in the out years, but that's 16% without the product line sales and without investment income and so forth. So you're really on an apples-to-apples basis, accelerating about probably 50 basis points of margin. So I think we feel like we're in a really good position to do that.

我知道把未來年度大約 16% 的數字放在一起看會有點混淆，但那個 16% 是不包含產品線銷售、也不包含投資收益等等。所以若以同口徑（apples-to-apples）來看，利潤率加速提升大概約 50 個基點。因此我想我們覺得自己處於非常好的位置，可以做到這點。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

It's Emilee on for Myles. Quick question on the missile and munitions ramp. Quite a bit of the funding for that, at least in this fiscal year is in reconciliation. How are you guys thinking about the trajectory of those programs given that aspect? And also on the budget, given we're in a CR, are there any areas within the portfolio, particularly in CSD that may be impacted by it?

我是代替 Myles 的 Emilee。關於飛彈與彈藥產能爬坡有個簡短問題。至少在本財年，這方面相當一部分的資金是在預算協調（reconciliation）中。考量到這一點，你們如何看待這些計畫的發展軌跡？另外關於預算，鑑於我們目前處於持續決議（CR），投資組合內是否有任何領域，特別是在 CSD，可能會受到影響？

Yes. We obviously very, very conscious of the budgetary environment we're in, Emilee. We feel very, very confident that as trade-offs happen, should trade-offs happen to the extent they happen, that we continue to operate and focus in areas that will be of the top priority of the Department of War. Certainly, missiles and munitions falls into that category. So I think if they are forced to make trades and as they make trades in this budgetary environment, we consider this to be a very, very strong area that will continue to be funded.

是的。Emilee，我們顯然非常、非常清楚我們所處的預算環境。我們非常、非常有信心，當取捨發生時——如果取捨發生、且在其發生的程度範圍內——我們會持續運作並聚焦在國防部最優先的領域。當然，飛彈與彈藥就屬於這一類。因此我認為，如果他們被迫做取捨，並且在這樣的預算環境下進行取捨，我們認為這是一個非常、非常強勢的領域，將會持續獲得資金挹注。

As far as CRs, I often joke with my colleagues here, the three things that you can count on is death, taxes and CRs. We've operated under a CR now for many, many years. We've been used to operating under a CR. The key for us is twofold, operating, and I've already spoken about one, which is operating in areas that we know are the utmost priority. The second is making sure that we perform well against our program and our delivery requirements.

至於 CR，我常跟這裡的同事開玩笑，你可以指望的三件事就是死亡、稅收，以及 CR。我們在 CR 之下運作已經很多很多年了。我們也習慣在 CR 之下運作。對我們而言關鍵有兩點：第一是運作面——我已經談過其中一點，也就是在我們知道最優先的領域中運作。第二是確保我們在專案與交付要求上表現良好。

What we say in our company is it never pays to be the slow gazelle here when it comes to execution and performance. So minimizing the number of red programs, overdue deliveries we have so that when our customers are forced to make tough trade-offs, we don't leave any of our programs vulnerable.

我們公司常說，在執行與績效方面，當那隻跑得最慢的瞪羚從來不會有好下場。所以要把紅燈專案、逾期交付的數量降到最低，這樣當客戶被迫做艱難取捨時，我們不會讓任何專案處於脆弱狀態。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

I wanted to go back to Rob's question regarding the Missile Solutions IPO. I'm just curious, has there been any significant change in the ownership percentage you'd like to retain post IPO? And if for some reason, you couldn't get the valuation you'd like through the IPO, is selling all of Missile Solutions or Aerojet a possibility?

我想回到 Rob 關於 Missile Solutions IPO 的問題。我只是好奇，IPO 之後你們希望保留的持股比例是否有任何重大變化？另外，如果因為某些原因，你們無法透過 IPO 取得你們想要的估值，那麼出售全部的 Missile Solutions 或 Aerojet 是否有可能？

Yes. I mean, I'll say a couple of things there. I appreciate the question. Number one, we're so excited about this Missile Solutions business. We think it presents a tremendous value to it, whether we own 100% of that as L3Harris or we own a significant majority share.

是的。我想我可以就此說幾點。謝謝你的提問。第一，我們對這個 Missile Solutions 業務非常興奮。我們認為它能帶來巨大的價值，不論我們以 L3Harris 的身分持有 100%，或是持有顯著的多數股權。

Nothing has significantly changed in our posture. So nothing has changed in our prospective ownership share, our posture or the criteria against we're measuring the attractiveness of the IPO as we continue to monitor solutions.

我們的立場沒有任何重大改變。因此，我們預期的持股比例、我們的立場，或是我們用來衡量 IPO 吸引力的評估標準，都沒有改變；我們會持續監測相關方案。

Yes. And we're, and just for clarity, right, we're not required to do an IPO. We are required to pursue one, and we've been doing that. So I think we feel like we're really in a good position. We have a strong balance sheet and strong cash generation to more than support the CapEx.

是的。另外為了釐清，我們並非被要求一定要進行 IPO。我們被要求的是推進 IPO 的相關工作，而我們一直在做。所以我想我們覺得自己處於非常有利的位置。我們有強健的資產負債表與強勁的現金創造能力，足以充分支應資本支出（CapEx）。

So we'll certainly visit it, like we said previously and we'll say again, we're going to visit it mid-2027, and that's where we are.

因此我們當然會再檢視它；就像我們之前說過、也會再說一次，我們會在 2027 年年中再檢視，這就是我們目前的狀態。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Sorry, I joined late. So forgive me if you already answered this, but I was wondering if you could talk through the RF tactical demand backdrop in terms of what you have in backlog, what sales are likely to be this year just to calibrate us? And then what are the big international pursuits and domestic pursuits over the next year that we should be monitoring?

抱歉，我晚加入。如果你們已經回答過請見諒，但我想請你們談談 RF 戰術需求的背景：就你們手上的在手訂單（backlog）而言、以及今年銷售可能會是多少，讓我們可以校準一下？另外，未來一年有哪些重要的國際與國內追案（pursuits）是我們應該關注的？

Look, I appreciate the question. We do have a very strong backlog on the tactical radio portfolio. Of course, it's always tricky at any point in time when you look at the backlog because it is such a short-cycle business. I'll remind you that we have a commercial business model here. So we build the forecast in anticipation of winning contracts so we can deliver quickly.

好的，謝謝你的提問。我們在戰術無線電產品組合上確實有非常強勁的在手訂單。當然，在任何時間點看在手訂單都總是有點棘手，因為這是一個週期很短的業務。我提醒一下，我們這裡採用的是商業化的營運模式。因此我們會在預期贏得合約的前提下建立預測並提前生產，以便能快速交付。

I can tell you this, this year, we will actually deliver more radios to international customers than we will domestic. We don't see that as a weakness in the domestic market. We see that instead as a strength in the international market.

我可以告訴你的是，今年我們實際交付給國際客戶的無線電數量會多於國內客戶。我們不認為這代表國內市場疲弱。相反地，我們把它視為國際市場強勁的表現。

If you take a look around the world and see what's happening in places like Ukraine, our international customers, our NATO customers, our European allies are becoming more and more conscious of the fact that in order to win in a modern warfare environment, they need to overcome electronic warfare, all the nonkinetic effects that are being brought to bear.

如果你看看全球各地、例如烏克蘭正在發生的事情，我們的國際客戶、我們的北約客戶、我們的歐洲盟友越來越意識到：要在現代戰爭環境中取勝，他們需要克服電子戰，以及各種正在施加的非動能效應。

So to keep our war fighters from being able to effectively communicate with each other. So that is driving a significant demand cycle, significant growth year over year. We look forward to being able to capture more of that business as a lot of our European and NATO partners and allies want to retain some interoperability with their US allied forces.

也就是要避免讓我們的作戰人員無法彼此有效通訊。因此這正在推動一個顯著的需求週期，並帶來顯著的年對年成長。我們期待能夠掌握更多這類業務，因為許多歐洲與北約的合作夥伴與盟友希望與其美國盟軍部隊保有一定程度的互通性（interoperability）。

So we're very, very bullish and excited about the international market for RF.

因此我們對 RF 的國際市場非常、非常看多，也非常興奮。

Great. Well, that concludes the call. Thank you, everybody, for joining. We look forward to updating you as we move through the quarter on our next earnings call. Thank you very much, and have a good day.

很好。那麼本次電話會議到此結束。感謝各位的參與。我們期待在接下來的季度推進過程中，於下一次財報電話會議向各位更新。非常感謝，祝各位有美好的一天。